A notice Peter Phillips

[Assasin]

finally accepting some blame for FINSAC.

The are also accepting the fact that high interest rate polices are disasterous for the country and I hear Peter Phillips promise never to have this again.

That is a start, I hope others stop blinding their eyes to this fact.

[Lazie]

finally accepting some blame for FINSAC.

The are also accepting the fact that high interest rate polices are disasterous for the country and I hear Peter Phillips promise never to have this again.

That is a start, I hope others stop blinding their eyes to this fact.

What a u-turn. Nuh recently he was trying to convince people that Finsac was necessary?

[Mosiah]

I thought he still defended FINSAC?!? at least to some degree in rescuing people's pension and savings. no?

[Me]

FINSAC was needed given the conditions. The problem is what made it get to that stage and when it got to that stage and FINSAC was required, how was the execution of the program?

[Don1]

Don't be stupid...of course it was "necessary" Was the TARP necessary?

The necessity of a FINSAC type remedy in the emergency and how well it was operated is neither to be conflated nor confused

[Muadib]

How did FINSAC protect small and medium size businesses ?

[Don1]

How did FINSAC protect small and medium size businesses ?

I believe FINSAC was a short term device aimed at protecting depositors and restructuring the financial system in a dire emergency... so your question is a non sequitur

The protection of businesses would be a function of not FINSAC but perhaps other government policy... but in an emergency the priorities would have to be re-ordered

That's like the silliness of saying how does the IMF ensure a country's development...They don't..that's not their function...the IMF exists to help with short term current account imbalances i.e. fi mek sure peeple pay Babylon dem pound ah flesh

Mi nuh inna di flights of fancy tudeh

[Peter R]

He did say the government had nothing to do with the rate... the "market" set it, is what I heard him say.

[Assasin]

Did you hear him commit to LOW INTEREST RATES in the future and never to return to high interest policies??

[Islandman]

YEs, the "market" that the goverment constantly intervened in!

Omar Davis was a firm believer in high interest rate policy at the time. Me nuh see how him or the PNP can deny that.

[Peter R]

..yes... what else could he say when asked the question, well I'll tell you: I'm no economist but I would guess that there are times when a high interest rate policy would be in order... I would have said that: the government would be firmly and absolutely committed to low interest rates, (which he did say) and that they would do everything in their power to maintain that, BUT also that the forces of the market and circumstances beyond govt's control could possible lead to high interest rates... but that would be too honest and that's why I'm not a politician and will never feast from the public trough.. ~sigh~

[Don1]

He did say the government had nothing to do with the rate... the "market" set it, is what I heard him say.

If he said that it would be quite foolish...or just being a disingenuous politician

[Willi]

Open market operations, overnight interbank deposit rates, reserve requirements and monetary policy determine the "market" rate.
Him either naive or pulling a fast one here...

[Assasin]

Let me ask Peter R, which other government don't have a role in interest rate policies?

Interest rate are mostly attributed to government policies, especially in Jamaica as government sell bonds to the market.

[Don1]

you're on the money imho..to claim that you will ALWAYS maintain "low interest rates"... is either disingenuous or stupid...hmmm.....probably both